Prepare an adjusted trial balance at December 31, 2025.TotalMARIGOLD CORP.Adjusted Trial Balance$DebitCreditDODOT CashAccounts receivableAllowance for doubtful accountsSuppliesLandBuildingsAccumulated depreciation-buildings1.2.3.4.5.During 2025, the following transactions occurred.6.7.8.9.10.11.1.2.MARIGOLD CORP.Balance SheetDecember 31, 2024$31,980Adjustment data:3.4.5.59,150(1,950)5,72052,000184,600(28,600)$302,900Accounts payableCommon stock ($10par)Retained earnings$33,280104,000165,620$302,900On January 1, Marigold issued 1,560 shares of $40 par, 7% preferred stock for $63,960.On January 1, Marigold also issued 1,170 shares of the $10 par value common stock for $27,300.Marigold performed services for $416,000 on account.On April 1, 2025, Marigold collected fees of $46,800 in advance for services to be performed from April 1, 2025, to March31, 2026.Marigold collected $358,800 from customers on account.Marigold bought $45,630 of supplies on account.Marigold paid $41,860 on accounts payable.Marigold reacquired 520 shares of its common stock on June 1 for $28 per share.Paid other operating expenses of $244,660.On December 31, 2025, Marigold declared the annual cash dividend on preferred stock and a $1.20 per share dividend onthe outstanding common stock, all payable on January 15, 2026.An account receivable of $2,210 which originated in 2024 is written off as uncollectible.A count of supplies indicates that $7,670 of supplies remain unused at year-end.Recorded revenue from item 4 above.The allowance for doubtful accounts should have a balance of $4,550 at year end.Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a salvage value of $13,000.The income tax rate is 30%. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to computethe amount.)

The adjusted trial balance contains all the information to prepare financial statements. The…

Cash Accounts receivable MARIGOLD CORP. Balance Sheet December 31, 2024 $31,980 Allowance for doubtful accounts Supplies Land Buildings Accumulated depreciation-buildings 59,150 (1,950) 5,720 52,000 184,600 (28,600) $302,900 Accounts payable Common stock ($10 par) Retained earnings $33,280 104,000 165,620 $302,900

Cash Accounts receivable MARIGOLD CORP. Balance Sheet December 31, 2024 $31,980 Allowance for doubtful accounts Supplies Land Buildings Accumulated depreciation-buildings 59,150 (1,950) 5,720 52,000 184,600 (28,600) $302,900 Accounts payable Common stock ($10 par) Retained earnings $33,280 104,000 165,620 $302,900

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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